(Alliance News) - Gaming Realms PLC on Tuesday said demand for its Slingo portfolio helped propel it to a higher profit last year, as revenue growth outpaced the increase in administrative costs.
The London-based mobile betting games developer said pretax profit jumped 46% to GBP5.2 million in 2023 from GBP3.5 million in 2022.
Revenue climbed 26% to GBP23.4 million from GBP18.7 million. Chief Executive Officer Mark Segal said this was "driven by the growing demand for our Slingo portfolio in the international igaming markets."
The company highlighted two large video game brands which are part of the portfolio, Slingo Space Invaders and Tetris Slingo, which were released in 2023.
Administrative expenses increased 18% to GBP8.2 million from GBP6.9 million.
Looking ahead, the company said it is well placed for further growth in new and existing markets.
"The launch in the regulated Portuguese market in Q3 2023, along with securing licenses for West Virginia and Greece, signifies our ongoing commitment to increasing our distribution and market diversification. With 14 new partners already launched in 2024, together with three new Slingo games, the board is confident in the group's strategy and expectations for the rest of the current year," the firm said.
The company does not currently pay dividends, citing a focus to execute its strategy which includes investing in business growth.
Gaming Realms shares fell 1.8% to 35.34 pence each on Tuesday morning in London.
By Tom Budszus, Alliance News slot editor
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Gaming Realms (GMR)